What is Tezos (XTZ)?

Tezos (XTZ) or Tez is the native token of Tezos, an open-source and self-upgradable blockchain platform. This platform supports developing and deploying dApps, NFTs, and Smart Contracts, like Ethereum. Its self-upgrade feature allows Tezos to democratically upgrade itself without undergoing forking into two or more blockchains. The community members and developers of Tezos propose the upgrades for the network on which the holders of Tezos (XTZ) vote. If the proposed upgrade or amendment gets the majority of votes in favour, the upgrade gets implemented in some time.

The complete infrastructure of the Tezos platform operates through Proof-of-Stake (PoS) mechanism. The validators in Tezos's PoS mechanism are called 'Bakers', and the process of validating the transactions is called 'Baking'. The Total supply of Tezos (XTZ) is 953,462,535 XTZ.

How does Tezos (XTZ) work?

Tezos (XTZ) works on an on-chain governance mechanism with a self-amendment feature. Under this mechanism, the developers and Tezos community members submit updates and amendment suggestions with an invoice mentioning the payment in XTZ they would charge for completing that upgrade. The Bakers community, who acts as the validator in Tezos, votes on the proposed upgrade in the built-in governance system of Tezos. If the majority accepts the proposal, the developer(s) who proposed that upgrade incorporates it in the Tezos Blockchain and receives the newly minted XTZ as their reward. This approach allows the participation of every XTZ stakeholder in the blockchain upgrade without it undergoing forking.

For minting new XTZ blocks, the Tezos blockchain follows Proof-of-Stake (PoS) consensus mechanism. The Tezos Bakers (validators) validate the XTZ transactions and add them to the XTZ blockchain to earn additional XTZ as a reward. Baking is the process of signing, verifying, and publishing blocks in the Tezos blockchain. A single node must bake (stake) 8,000 XTZ to become a validator. The participants with lesser XTZ can stake their XTZ to a baker to contribute to the consensus of Tezos and earn rewards.

How to Buy Tezos (XTZ) in India?

There are many platforms where you can invest and trade Tezos (XTZ) in India.

One such platform is Flitpay. To buy the Tezos (XTZ) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy the Tezos (XTZ) and execute the Tezos (XTZ) purchase.

You can instantly convert your INR to Tezos (XTZ) and Tezos (XTZ) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Tezos (XTZ)?

Tezos (XTZ) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold Tezos (XTZ) till they reach a high price and then sell them through the FLITPAY Quick Buy/sell order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

If you own some XTZ tokens, you can bake (stake) them on the Tezos platform to earn more XTZ by helping the bakers secure the Tezos network.

Why Use Tezos (XTZ)?

Tezos (XTZ) token is a significant part of Tezos. It allows the Tezos community to participate in blockchain governance and development by giving them voting rights. XTZ is also the key contributor to the smooth working of consensus protocol and smart contracts of Tezos. It incentives the bakers to validate transactions and good behaviour towards the network. If someone wants to create NFTs on Tezos, its fee also gets paid in XTZ. Using Tez (XTZ) for all the transactions on Tezos streamlines all the platform processes. It avoids confusion. Users can even earn more XTZ by participating in the baking process of the platform.

FAQs

What is Tezos (XTZ)?
Tez (XTZ) is the platform currency of the self-upgradable Tezos blockchain network that allows the creation and deployment of dApps, NFTs and Smart contracts. The holders of XTZ get the right to vote in rejecting or accepting the proposals related to upcoming upgrades of the Tezos network.

What is the Tezos (XTZ) price in India?
Check out the current INR price of XTZ in India on Flitpay.

Which is the best platform to buy Tezos (XTZ) in India?
The best crypto exchange to buy XTZ or your favorite cryptocurrencies in India is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the Benefits of Tezos (XTZ)?
Tezos (XTZ) helps incentivise Tezos blockchain bakers to invest their time and resources in validating transactions and payments in the Tezos Blockchain. It also allows users to create new NFTs in the robust blockchain of Tezos.

Is it safe to invest in Tezos (XTZ) in India?
There are no rules in India that make crypto trading illegal. Even the Reserve Bank of India has informed banks that they can not warn people trading in cryptocurrency. Hence it can be said that it is safe to invest in XTZ in India.

Is Tezos (XTZ) a Good Investment?
The self upgradable feature of Tezos is the key highlight that gives it a strong edge over similar blockchains. Its well-designed voting procedure prevents the possibility of forking and community division. Since the Tezos keeps getting new upgrades, it holds a strong possibility to become more robust in the upcoming time, which can positively influence the price of XTZ. But cryptocurrencies can be highly volatile at times. Hence, one needs to be careful while making any investment decision